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14 million jobs will be lost over the next five years, new report reveals

Workers in a modern office

A staggering 14 million jobs will be lost around the world over the next five years, a new report says.

The "Future of Jobs Report 2023" by the World Economic Forum predicts a substantial amount of jobs around the world will be gone by 2027.

It says 14 million jobs will no longer exist, which is around two percent of the 673 million jobs analyzed.

READ MORE: April 2023 Layoffs: Walmart, 3M, and Disney axed thousands of jobs

However, it's not all bad news.

The report does also highlight certain trends which could contribute to job growth including green business investments, the increased use of ESG standards, and the localization of supply chains.

The data shows companies will eliminate 83 million jobs over the period, compared to 69 million added.

But it also says the uptake of new technologies and digital access will aid net job growth in the next five years.

These include cloud computing, encryption and cybersecurity, and e-commerce.

READ MORE: Morgan Stanley prepares to cut 3,000 jobs globally

The report found supply shortages, slow growth and the rising cost of living hitting consumers as the strongest reason for cutting jobs.

There is bad news for workers in a number of sectors, as the report identifies those areas with the most displacement.

These are:

  • Bank Tellers and Related Clerks
  • Postal Service Clerks
  • Cashiers and Ticket Clerks
  • Data Entry Clerks
  • Administrative and Executive Secretaries

The report also found half of global workers will not change their "core skills" in the next five years.

However, 44 percent will see them improve, with many needing more training.

Other workers are set to fare a lot better, as the survey has also identified the roles which are likely to grow by 2027.

  • AI and Machine Learning Specialists
  • Sustainability Specialists
  • Business Intelligence Analysts
  • Information Security Analysts
  • FinTech Engineers

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Saadia Zahidi, Managing Director of the World Economic Forum, said: “For people around the world, the past three years have been filled with upheaval and uncertainty for their lives and livelihoods, with COVID-19, geopolitical and economic shifts, and the rapid advancement of AI and other technologies now risks adding more uncertainty.

“The good news is that there is a clear way forward to ensure resilience.

"Governments and businesses must invest in supporting the shift to the jobs of the future through the education, reskilling and social support structures that can ensure individuals are at the heart of the future of work.”

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